The end-of-period spreadsheet
(work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount for net income or net loss has been included. In preparing the income statement from the work sheet, what is the amount of net income or net loss?

Balance Sheet Columns

The sections in a balance sheet that categorize and display a company's assets, liabilities, and shareholders' equity at a specific point in time.

Net Income

The complete income of a company once all costs and taxes are subtracted from its total revenue.

Net Loss

The result when a company's total expenses exceed its total revenues during an accounting period, indicating a decrease in owner's equity.